Bitcoin is hovering around key spending areas after a week of bearish pressure, and traders are now eyeing unexploited areas around $64,000. With price action showing a possible short-term reversal and H1 support under the near-term watch, the next move may depend on whether Bitcoin tests these lows or re-claims higher levels first.
The Weekend Range Sets the Stage for Next Week’s Movement
After a week of bearish momentum, Bitcoin entered the lock the economy place. In accordance with Lennaert Snyder, the market is currently making a range, which can provide clear trading opportunities next week. Although weekend trading is not his focus, watching price action now helps plan the path for the coming week.
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Liquidity is focused on the $71,422 range high, and a reaction to a retest of this zone will be important. Testing the upper range may result in short positions if the market is bearish structure break (MSB) hold, or give long odds if Bitcoin successfully returns the position.
On the downside, the $64,500 floor and all the money below it remains untouched, making this property a great place to rent. If the market reaches these levels, traders will be looking at a potential high reversal of long entries or continued shorts if support fails.
The interaction between the high at ~$71,422 and the low around $64,500 will likely signal the next key shift, providing strategic opportunities for those tracking both sides of the market.
Bitcoin Eyes Short-Term Explosion Before Possible Drawdown
BTC is showing short-term activity suggesting a small push higher before resuming the downward movement. Crypto Scientist Analyst highlighted that the H1 support/resistance level at $68,000, which was rejected two days ago, has now been breached and investigated, indicating a temporary momentum shift.
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From the current setup, a new bearish channel is starting to form. As part of this structure, Bitcoin is likely to sweep the currency in the near term before going down. Watching these small intraday moves can give traders clues about whether the market aims to reach its next major destinations.
Key levels to watch include the high premium area at $72,200 and the unused cash pile above it, which sits between $73,000 and $74,000. These places can be attractive they don’t buy for a while, creating a small push towards the $73,000 region before the broader decline resumes. Traders should monitor price behavior closely when approaching these levels.
On the other hand, the H1 support at $68,000 is still important. A clean break below this area can accelerate the decline earlier than expected, which confirms that bearish channel. Keeping an awareness of both the short-term push highs and these key supports will help identify the most likely setups in the timeframe.
Featured image from Getty Images, chart from Tradingview.com
